Bill Moyers & Michael Winship: The White House-Wall Street Revolving Door Just Keeps Spinning Along

The Washington-Wall Street Revolving Door Just Keeps Spinning Along
by Bill Moyers and Michael Winship
January 24, 2012

"Citigroup Replaces JPMorgan as White House Chief of Staff."

http://gawker.com/5874559/citigroup-replaces-jp-morgan-as-white-house-chief-of-staff

.... Jack Lew is President Obama’s new chief of staff -- arguably the most powerful office in the White House that isn’t shaped like an oval. He used to work for the giant banking conglomerate Citigroup. His predecessor as chief of staff is Bill Daley, who used to work at the giant banking conglomerate JPMorgan Chase, where he was maestro of the bank’s global lobbying and chief liaison to the White House.

Daley replaced Obama’s first chief of staff, Rahm Emanuel, who once worked as a rainmaker for the investment bank now known as Wasserstein & Company, where in less than three years he was paid a reported eighteen and a half million dollars.

The new guy, Jack Lew – said by those who know to be a skilled and principled public servant – ran hedge funds and private equity at Citigroup, which means he’s a member of the Wall Street gang, too. His last job was as head of President Obama’s Office of Management and Budget, where he replaced Peter Orzag, who now works as vice chairman for global banking at – hold onto your deposit slip -- Citigroup.

President Obama may call bankers “fat cats” and stir the rabble against them with populist rhetoric when it serves his interest, but after the fiscal fiasco, he allowed the culprits to escape virtually scot-free. When he’s in New York he dines with them frequently and eagerly accepts their big contributions. Like his predecessors, his administration also has provided them with billions of taxpayer dollars – low-cost money that they used for high-yielding investments to make big profits. The largest banks are bigger than they were when he took office and earned more in the first two-and-a-half years of his term than they did during the entire eight years of the Bush administration. That’s confirmed by industry data.

Read the full article at:

http://www.commondreams.org/view/2012/01/24-3